Ukrzaliznytsya triples investment in Q1 2018

Ukrainian Railways press serviceUkrainian railway operator, the state-run PAO Ukrzaliznytsya, tripled its investment in the first quarter of 2018 in year-on-year terms, to $147.5 million.

“Ukrzaliznytsya’s capital investment was estimated at UAH 3.869 billion in the first three months of 2018. Most of the money (UAH 2.43 billion, or 63% of the total amount) was spent on the acquisition of fixed assets, while another UAH 524 million (13.5%) was allocated for capital construction, UAH 497 million (12.9%) went towards modernization of fixed assets, and UAH 314 million were spent on major overhauls,” the press service of the corporation has informed, UNIAN reports.

The acting CEO of Ukrzaliznytsya Yevhen Kravtsov claimed that the corporation exceeded its capital investment plan by 20% in the first quarter of 2018. “Some UAH 1.3 billion were paid to the largest countrywide counterparties for capital expenditure. Experts estimate the investment to create some 1,200 new jobs. Over this period, capital investment more than tripled,” Kravtsov said.As of today, the largest infrastructure projects implemented by Ukrzaliznytsya include the construction of the Beskidsky tunnel, the repairs of railway tracks, the electrification of the Potoky-Zolotnyshyne, Kovel-Izov-State Border railway lines, as well as the expanded capacity of the Polohy-Komysh-Zorya railway.

Earlier, Kravtsov announced that his corporation would allocate some $5.864 billion for capital investment in enhancement of infrastructure and modernization of its rolling stock over the next five years. According to the financial plan for 2018, Ukrzaliznytsya intends to spend some $1 billion on capital investment, which is 46.5% of the necessary amount.

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